On March 3, the State Council Information Office held a series of press conferences with the theme of “Authoritative Departments Say the Start” to introduce “firm confidence, integrity and innovation, and serve the high-quality development of the real economy” and answered reporters’ questions.
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Discussing the RMB exchange rate
Yi Gang, Governor of the People’s Bank of China, said that in the past five years, the exchange rate of the RMB against the U.S. dollar has exceeded “7” three times and returned below “7”, with two-way fluctuations and increased flexibility. Among various currencies in the world, the RMB is the Very robust.
“Overall, the RMB exchange rate will be basically stable at a reasonable and balanced level, with some small two-way fluctuations also driven by the market, and this kind of fluctuation is harmful to the economy. It’s good for our imports, exports, and everyone’s expectations,” Yi Gang said.
- Talk about the real estate market
Pan Gongsheng, Deputy Governor of the People’s Bank of China and Director of the State Administration of Foreign Exchange, said that in response to the adjustments in the real estate market, the People’s Bank of China, in accordance with the arrangements of the Party Central Committee and the State Council, launched 16 financial measures at the end of last year to support the stable and healthy development of the real estate market. The policy measures, which the market calls the “16 Financial Measures”, work with relevant departments to promote the smooth operation of the real estate market from both supply and demand ends. From the demand side, differentiated housing credit policies should be implemented according to city policies,continue to guide the real interest rate and down payment ratio downward, and better support rigidity and improvement. Housing needs. By December last year, the average interest rate on newly issued personal housing loans had dropped by approximately 140 basis points from the end of the previous year. Except for a few hot cities, the lower limit of down payment ratio policies in most cities has reached the national bottom line.
From the supply side, promote the implementation of 16 financial policies and measures to support the stable and healthy development of the real estate market, fully implement the plan to improve the balance sheets of high-quality real estate companies, weaken the excessive risk aversion of financial institutions, and guide financial institutions to provide normal financing , including real estate enterprises into the scope of support of private enterprise bond financing support tools, maintaining the smooth and orderly financing of the real estate market. At the same time, it launched a special loan of 350 billion for guaranteed housing, and established a 200 billion guaranteed housing loan support plan and a 100 billion rental housing loan support plan; it guided financial institutions to promote industry restructuring and mergers and acquisitions, and accelerated the marketization of risks. Clear out.
With the improvement of the epidemic situation and the adjustment of epidemic prevention and control policies, the scope and effect of policies introduced in the early stage have been greatly improved. In recent times, market confidence has been restored at an accelerated pace, the activity of transactions in the real estate market has increased, and the financing environment for the real estate industry, especially for high-quality real estate companies, has improved significantly.
- TalkReduction in RRR and interest rates
Yi Gang said that the current levels of some of themain variables of my country’s monetary policy are relatively appropriate, and the level of actual interest rates is relatively appropriate.
Regarding RRR cuts, Yi Gang said that since 2018, the People’s Bank of China has implemented 14 RRR cuts, and the average statutory deposit reserve ratio has dropped from about 15% to less than 8%. “Less than 8% of the statutory deposit reserve ratio The RRR rate is not as high as in the past, but using RRR cuts to provide long-term liquidity and support the real economy is still a relatively effective way to keep the overall liquidity at a reasonable and sufficient level.”
- Talk about residents’ savings
Liu Guoqiang, deputy governor of the People’s Bank of China, said that household deposits have increased significantly, which is a striking change in financial indicators since last year. In 2022, household deposits will increase by 17.84 trillion yuan, an increase of 7.94 trillion yuan from the previous year. Since this year, household deposits have continued to maintain the inertia of rapid growth. In January, household deposits increased by 6.2 trillion yuan, an increase of 790 billion yuan year-on-year. The increase in household deposits was mainly affected by residents’ consumption and investment conditions, and increased liquidity preference.
As the macro-economy improves, residents’ consumption and investment confidence will increase, and residents’ savings will gradually return to normal. After the optimization of epidemic prevention and control, the phenomenon of poor logistics and people flow has been significantly improved, consumption scenarios have accelerated, and the precautionary savings accumulated in the early stage are expected to be gradually released into actual consumer demand. A series of pro-consumption policies have been introduced and implemented, and the effects of the policies will gradually appear. In addition, after the economy improves, it will help enhance residents’ investment confidence, and residents’ investment will gradually return to normal levels.
- Talk about financialrisk
Yi Gang said that in recent years, under the strong leadership of the Party Central Committee and the State Council, the People’s Bank of China has taken a series of effective measures to prevent and resolve financial risks, and has maintained the bottom line of no systemic financial risks. Risks are convergent.
Specifically, Yi Gang introduced that the first is to steadily resolve the risks of key institutions. The second is to vigorously rectify financial chaos. New regulations on asset management were fully implemented, the scale of “quasi-credit” high-risk shadow banks was reduced by about 30 trillion yuan, special rectification of Internet financial risks was promoted, and nearly 5,000 P2P online lending institutions were all closed. The third is to continuously improve the financial risk prevention and control system and mechanisms.
“Overall,China’s financial industry is operating steadily, the overall financial risks are converged, and the overall risks are controllable.” Yi Gang emphasized that in the next step, the People’s Bank of China will Together with other financial management departments, we will strengthen and improve modern financial supervision, strengthen the financial stability guarantee system, promote the disposal of financial risks in key areas, maintain high pressure on illegal financial activities, consolidate the responsibilities of all parties for risk disposal, and resolutely prevent systemic risks from occurring. The bottom line of financial risk. </span
